Research On The Impact And Mechanism Of High-speed Railway On Economic Resilience

The continuous development of rail transit technology provides beneficial opportunities for China's high-speed railway construction.In recent years,China's high-speed railway has undergone a transformation from scratch,from point to surface,from introduction to imitation,and then to independent innovation,becoming an important name card of High-quality manufacturing in China.By the end of 2019,my country's high-speed rail has not only exceeded 35400 kilometers in total mileage,ranking first in the world,but has gradually formed a network development trend extending from "four vertical and four horizontal" to "eight vertical and eight horizontal",which also makes the region the economic pattern of the region will be reshaped,and it will have a certain impact on the economic stability and path development of the regions along the route.At the same time,China is frequently hit by various crises under the influence of economic globalization.These shocks could lead to a deep recession and a low growth path for the economy.In order to better cope with the impact of the crisis,it is imperative to enhance economic stability and path development,and improve economic resilience.To this end,this paper focuses on the 2008 global financial crisis,and focuses on the impact and mechanism of highspeed railways on economic resilience.It not only theoretically reveals the importance of transportation accessibility to economic resilience,but also helps China resist external risks in the post-epidemic era.Avoid economic hard landing and provide decision-making reference.Specifically,on the basis of clarifying the theoretical framework of the impact of high-speed rail construction(opening and frequency)on economic resilience and the general situation of high-speed rail development at home and abroad,this paper first studies the impact and path mechanism of high-speed rail on macroeconomic resilience from the perspective of cities;at the same time,it focuses on the perspective of micro-enterprises.,in-depth exploration of the impact and path mechanism of high-speed rail on microeconomic resilience(organizational resilience);and on this basis,from the perspective of industrial diversification and agglomeration,an in-depth analysis of the role of high-speed rail in improving economic resilience.Through the above-mentioned multi-angle analysis of the relationship between highspeed railway and economic resilience and its impact mechanism,the following conclusions are drawn from both theoretical and empirical dimensions:First,the construction of high-speed rail has generally improved the level of macroeconomic resilience in the regions along the line,but there is a certain heterogeneity due to differences in crisis stages,time-lag dynamics,city levels,geographic regions,and natural endowments.Theory research finds that high-speed rail improves the macroeconomic resilience level of the regions along the route through the effect of configuration optimization and technological progress.On the basis of matching data on high-speed rail(opening,frequency)and urban economic resilience,the empirical study revealed:(1)From 2007 to 2016,macroeconomic resilience showed an obvious trend of diversion between high-speed rail and nonhigh-speed rail cities,that is,the economic growth of Chinese high-speed rail cities.The resilience level is significantly higher than that of non-high-speed rail cities.Specifically,the opening of high-speed rail has increased the macroeconomic resilience level of cities along the route by an average of 32.8%,and the macroeconomic resilience level has been further improved by 5.65% for each stop frequency increase;(2)Intermediate manpower capital flow(allocation optimization effect)and advanced human capital flow(technical progress effect)are important paths to achieve the above process;(3)The heterogeneity study also found that,compared with the recovery adjustment stage,the toughness improvement effect of HSR(opening and frequency)in the impact resistance stage was more obvious and showed a certain time-lag decline characteristics;compared with fourth-and fifth-tier cities,the resilience-enhancing effect of high-speed rail significantly exists in first-,second-,and third-tier cities along the line;and compared with eastern cities,the opening of high-speed rail has a significant impact on the impact of this resilience in central and western regions.This resilience improvement effect is relatively small,but the increase in the frequency of high-speed rail can significantly reduce the economic resilience gap between it and eastern cities.Moreover,compared with resource-based cities,high-speed rail construction(opening and frequency)has a greater incentive for economic resilience in non-resource-based cities.Second,the construction of high-speed rail has significantly improved the organizational resilience level of enterprises along the line,but there is a certain degree of heterogeneity due to the nature of enterprise property rights,information exchange density,life cycle stages and factor dependencies.Theoretical research finds that high-speed rail facilitates enterprises along the route to acquire new knowledge of perceiving environmental opportunities and risks,eases their own financing constraints,and optimizes the innovation capability and human capital structure of enterprises,thus improving the organizational resilience level of enterprises along the route.Empirical research using the data of A-share listed companies reveals that:(1)From 2007 to 2016,the opening of high-speed railways increased the organizational resilience level of listed companies along the route by an average of 14.0%,and each time the stop frequency increased,the corporate resilience level further increased by 3.08%;(2)Attracting high-tech talents,strengthening corporate innovation capabilities,reducing human capital quantity stickiness,cost stickiness,and alleviating financing constraints are the realistic paths for HSR(opening and frequency)to improve microeconomic resilience;(3)Heterogeneity research also found that,compared with state-owned enterprises,highspeed rail plays a greater role in improving the resilience of private enterprises along the line;compared with companies with limited information,high-speed rail plays a more significant role in improving the resilience of communication-intensive companies along the line;The resilience improvement effect of growing enterprises is more prominent;compared with labor-intensive and capital-intensive enterprises,high-speed rail has a more obvious role in improving the resilience of technologyintensive enterprises along the route.Third,the diversified industrial layout plays a direct incentive role in economic resilience,and plays an effective positive linkage role in the HSR accessibility driving economic resilience.Theoretical research and analysis reveal that the diversification of the industrial structure is similar to the combination effect in financial investment,which can effectively reduce potential risks while maintaining the stability of the labor market.The role of Jacobs' diversification externalities can be used to incubate more innovation and entrepreneurial behaviors,which can theoretically drive the rise in the level of macroeconomic resilience.Based on this,it can not only further transform the labor flow space brought by high-speed rail into economic agglomeration,It also ensures that the resulting face-to-face communication takes place within an effective technical distance,playing a positive mediating role between high-speed rail and economic resilience.On this basis,combined with the data of high-speed rail,industrial enterprises and cities from 2007 to 2013,the empirical research finds that:(1)The industrial diversification kinetic energy of China's economic resilience exists significantly,and it mainly comes from related diversification,not irrelevant diversification;(2)The effective improvement process of economic resilience is inseparable from the interactive linkage effect of“high-speed rail and diversified agglomeration”;(3)The direct impact of this spatiotemporal compression on economic resilience has obvious geographical and spatial differences.In the central and western regions of China,fostering a diversified economic structure,whether derived from related industries or unrelated industries,contributes to the agglomeration advantage and stimulates the potential of HSR accessibility to drive economic resilience Finally,according to the above research results,some countermeasures and suggestions to strengthen macroeconomic resilience and microstructure resilience are put forward.The innovations of this paper are mainly reflected in four aspects:(1)Focusing on the resilience dimension of the economy,enriching the relevant content of the research on the economic effects of high-speed rail from the macro and micro levels;(2)On the basis of the existing influencing factors of economic resilience,from the perspective of From the perspective of inter-regional accessibility,it is revealed that the opening and frequency increase of high-speed rail is a new source of improving economic resilience;(3)This paper identifies the channel effect of medium and highlevel human capital flows in the process of high-speed rail affecting macroeconomic resilience at the macro level,and analyzes the impact of high-speed rail on macroeconomic resilience.The channel effect of human capital quantity stickiness,cost stickiness and high-tech talent absorption in the impact of high-speed rail on micro-organizational resilience,deepening the heterogeneous role of different types and aspects of human capital in the economic effect of high-speed rail from the perspective of heterogeneity;(4)This paper This paper points out the importance of industrial diversification for the high-speed rail to play an incentive role in economic resilience,and provides a new perspective for further analysis of the relationship between transportation accessibility and economic resilience.